Nevada's Gaming Control System

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The gaming industry is growing rapidly globally, and casinos provide a large amount of revenue in Nevada. There are special regulatory agencies in Nevada who govern the gaming industry. Since this industry relies so much on cash, there are some different controls and procedures in place in auditing gaming in this state. To help professionals in the industry, several conferences are available for professionals to attend. In order to properly audit a gaming facility, auditors need to understand the risks and controls associated with the industry. REGULATORY AGENCIES Nevada’s gaming industry has two primary regulatory industries: the Nevada Gaming Commission (NGC) and the Gaming Control Board (GCB). The GCB was created in 1955 within the…show more content…
The board posts such amounts required for this distinction on its website no later than the December 15th preceding the fiscal year for which such amounts shall be effective. It is important to note that the board defines a fiscal year beginning July 1st and ending June 30th. The licensee itself can set forth its own business year used for internal accounting purposes. The amounts of annual gross revenue used in these definitions fluctuate annually in an amount corresponding to the change in the Consumer Price Index published by the United States Department of Labor for the preceding year. The amount to differentiate between licensees for the 2015-2016 fiscal year is $6,382,000 (Regulation 6.010(5)(a)). INTERNAL CONTROLS The GCB adopted the Minimum Internal Control Standards (MICS) as the minimum requirements for internal controls over gaming operations for Group I licensees. These standards are vague in that they allow each casino to decide how exactly it will comply with the standards. The Board provides Compliance Checklists for CPAs to use in their audits of gaming clients. Each individual casino must create its own Internal Control Submission (ICS), which details how
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